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Daily Briefing

Baidu takes stake in NetEase Music

Oct 16, 2018 by The Passage Team
Baidu takes stake in NetEase Music

Internet giant Baidu Inc., has invested an undisclosed sum in NetEase Music, China’s fourth-largest online music streaming app, continuing efforts to gain a larger share of the growing-yet-competitive industry and enrich its suite of mobile content services.

NetEase Music, a unit of gaming giant NetEase Inc., announced on Oct 13 that it has secured new funding from backers that include Baidu, private equity firms such as China’s Boyu Capital, and New York’s General Atlantic Service Co. LLC.

No investment details were disclosed in the statement, but NetEase’s last funding round in April 2017 valued the music unit at CNY 8 billion (USD 1.16 billion).

Source: Source: CaixinGlobal

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